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Singapore's OPM considering $450m Yemen investment

Singapore's OPM considering $450m Yemen investment

Singapore: Singapore-based Overseas Port Management (OPM) is heading a consortium of potential investors for a $450m expansion at the Port of Aden (pictured) in Yemen. OPM, is slated to invest close to $23m in the expansion - which will also receive funding from the government.

"We are looking to develop four new berths over the next 25 years, depending on how demand grows,' OPM ceo MMJ Subramaniam  told The Straits Times. "This will boost capacity from an effective 500,000 boxes a year to a potential 4 million,' he said.

OMI took over operations at the terminal from PSA in 2003 following a drop in traffic to the port due to raised insurance premiums due to the 2002 terrorist attack on a French oil tanker. The proposed expansion is currently awaiting approval.  [21/05/07]